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Crude oil tickles $99

Sept. 14, 2012 at 5:17 PM   |   Comments

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NEW YORK, Sept. 14 (UPI) -- Crude oil prices closed just shy of $99 per barrel Friday as equities headed higher with a boost from the U.S. Federal Reserve's third round of bond buying.

The Fed said Thursday it would spend $85 billion per month through the end of the year on bonds and mortgage-backed securities, a step known as quantitative easing or printing money.

Equities markets were higher across the board in Asia and Europe. Stocks on Wall Street closed higher, extending Thursday's afternoon surge.

On the New York Mercantile Exchange, West Texas Intermediate crude oil for October delivery added 66 cents to reach $98.97 per barrel. Natural gas shed 0.76 cent to $3.088 per million British thermal units.

Home heating oil gained 2.82 cents to $3.2395 per gallon. Reformulated blendstock gasoline added 5.34 cents to $3.0156 per gallon.

At the pump, the average price for a gallon of regular unleaded gasoline was $3.871 per gallon, up from Thursday's $3.869, AAA reported.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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